So you just started a Limited Company, or you want to start one. There are a lot of hassles to go now. Setting up a limited company is not an easy task you have to give a name, address, one director, shareholders, rules and a lot more. You can just go to an agency and hire a contractor accountant to do that for you. The most important thing after forming a limited company is finding the best contractor accountant. He will make your life easier and help your company grow; scale up following the legal terms.
Things to look for in your contractor accountants
Is he a genuine accountant? This should always be the priority. Do a research on him and check whether or not professional he is registered with any accountancy body Association of Chartered Certified Accountants (ACCA) or ICAEW. They have an online directory of their members so you can find all the details there.
Take some time to get familiar with the latest trends in the industry and check if your contractor is familiar with those. For instance IR35, HMRC, New Rules, Tax Credits, Tax Changes, Money laundering, Management & Economy, Tax implications, Statutory returns, MSC legislation and end of year filings, etc.
Are they using the latest technology available? We are in the 21st century where everything depends on technology. Say a few years back everything was based on paperwork now it all stored in computer & no fear of losing the data as they are always copied to other places. So ask them if they are using the cloud so you can access your information anytime and it’s secured as well, Also some other like OCR, e-Signature Tools, Workflow Tools, Logs, Dynamic Benchmarking Tools, etc.
Check whether you need big or small accountancy firm according to your company needs. You should choose the one that suit you best. The larger ones might have many accountants that are not right for you while the smaller ones might have less number of accountants, but they will provide a better service with more time. Also, they might come in handy when you are too busy, and you need them to concentrate on you.
Know what is included and what not. It’s your duty to know what they are providing you for the money you are paying. Like how many other clients does this contractor manage, if they are providing dedicated account manager, do they offer face to face meeting, service guarantee and response time to inquiries. Also, you should keep in mind that accountants are just advisors. It’s you who have to ensure that everything is right. You should also take notes on your contractor, so you know when you need to change your contractor.